xinje(SH:603416) Zhong Guo Yin He Zheng Quan·2026-03-09 02:24Investment Rating - The report gives a "Recommended" rating for the company Xinjie Electric (603416.SH) [5] Core Views - The company has a solid foundation in industrial control and is accelerating its layout in embodied intelligence, particularly in the humanoid robot market. It has established a strong market position in small PLCs and is expanding into new growth areas [4][7][9]. Financial Forecast - Revenue projections for the company are as follows: - 2024: 1,708 million CNY - 2025: 2,001 million CNY - 2026: 2,416 million CNY - 2027: 2,903 million CNY - The expected revenue growth rates are 13.50%, 17.13%, 20.74%, and 20.16% for the respective years [4][19]. - Net profit forecasts are: - 2024: 229 million CNY - 2025: 279 million CNY - 2026: 355 million CNY - 2027: 443 million CNY - The profit growth rates are 14.84%, 21.90%, 27.59%, and 24.53% for the respective years [4][19]. Company Overview - Xinjie Electric has been deeply involved in the industrial control sector for over 20 years and is now venturing into the humanoid robot market. The company is leveraging its expertise in small PLCs to expand into new areas, including humanoid robots and intelligent drive control systems [7][9]. - The company has a stable shareholding structure, with the founder holding a significant portion of shares [16]. Market Position - The company is the leading player in the domestic small PLC market, with a market share of approximately 7% as of Q3 2025. It is also expanding into mid-to-large PLCs and has introduced new products with low redundancy switching times [7][9]. - The servo system market is another area where the company is performing well, with a strong growth rate and a significant market share [7][9]. Investment Recommendations - The report suggests that Xinjie Electric, as a leader in the small PLC market, has a solid foundation and is well-positioned to explore new growth opportunities in the humanoid robot sector. The expected revenue and profit growth indicate a promising outlook for the company [4][7][9].